The Basics For Creating Your Mastermind Group

The basics for creating your mastermind group.

Your mastermind group can take on many shapes and forms.

Depending on your vision for your group.

There are four types of mastermind groups.

Here are the four mastermind groups you can create:

four mastermind groups

Topic-Based

These mastermind groups are formed around a specific topic like health and fitness, animal rights, English as a second language, home businesses, etc.

Mission-Based

This type of group is focused on the achievement of one single goal. For example, their mission/purpose could be to come up with a way to sponsor 100 people into your business a month.

Business

A business-based mastermind group is formed to help each member grow their business, regardless of their niche.

Goals & Accountability

Accountability groups help members keep certain goals, whether they are business related or not.

These are the four main groups that benefits the goals of each individual member of the group.

There are probably others, but most of them could fit under one of these broad categories.

Guidelines for having a mastermind group.

four mastermind groups

It’s important for your mastermind group to understand the group and individual expectations right from the beginning.

It makes your meetings more productive and it also makes handling unpleasant situations much easier and straightforward.

Your mission here is not to dictate.

But to set the tone for all of the meetings that you will have in the future.

Your members should be able to contribute to the guidelines.

Nail down the fundamentals.

Like how often you want to meet and anything else that’s non-negotiable to you.

Then present your skeleton to the group at your first meeting and decide on the rest of the guidelines there.

Just make sure you are addressing all of the essentials.

Here are a few points you can consider putting into the initial draft of your ground rules:

  • How are important decisions are made? By a leader or a vote?
  • Establish that your group is not for group therapy, and whining, complaining, or gossiping will not be tolerated (or will be limited to 1 minute).
  • Specify if this is a free mastermind or a paid mastermind.
    It’s argued that paid mastermind groups get more commitment from their members since they have higher stakes in attending.
  • The other side of that argument is that no one is going to want to join your group without it having an established reputation.
  • The middle ground to this problem is to require members to donate money to charity or a of some kind, when they miss a meeting or when they are late.
  • What are the consequences for missing a meeting or being late?
  • Define the terms and process in which a member is dismissed, and how you’re going to go about introducing new members to your group once it’s fully established.
  • How personal are members allowed to get?
  • How confidential is your mastermind? Is everything sacred? Do you need to create a non-disclosure agreement?
  • What is your policy for competition not just in business but in trying to one-up each other at every meeting?
  • Ask for a commitment to honesty, integrity, trust, and respect for all members.
  • Ask members to be self aware and not to try to dominate the conversation or give orders.
  • Leave your ego at the door.

Putting your mastermind team together.

Putting your mastermind team together

The number of members you have in your mastermind group is entirely up to you.

They can be anywhere from 2 to 50 members.

Keep your purpose in mind when deciding how many members you want.

Think about whether you’re looking for intimacy or just a broad pool of resources and experiences.

So much of the power of a mastermind comes from the intimacy created by a small group of 3-5.

In a small group you have more time to focus on the issues each individual member is facing.

You can meet more frequently and it’s much easier to coordinate the best time for everyone to meet.

On the other hand, larger groups offer a much broader field of resources, experiences, niches, personalities, and expertise.

If your objective is the simple exchange of knowledge, it’s much more beneficial to have a very large group.

You can also break a large group down into smaller groups that are niche down for a more intimate feeling while also taking advantage of the large pool of resources a large group offers you.

However, I suggest that you start small with four people at the beginning.

You can always add more members if you feel like your group is having a hard time keeping up the energy and momentum.

What to consider in your members for your mastermind group:

What to consider in your members

There are a few guidelines you should follow if you want to create a successful group:

  • Have similar experience levels
  • Have similar ambition levels and desires for achievement.
  • Have similar values, beliefs, and ethics
  • Let there be no competitors
  • Location – do you want to put together a mastermind group that meets in-person?

I suggest putting together a perfect member profile, just as you would do with a perfect customer.

It will help you get clear on what you’re looking for.

So you can invite the right people to your mastermind group.

Your Perfect Member for the mastermind group:

Your Perfect Member

  • What level of business and personal ambition are you looking for?
  • What types of commitments do you want to see in them? Personal growth? Health?
  • What character traits would you like (sense of humor, honesty, integrity, communication)?
  • Are they someone that you respect and want to learn from?
  • Are they innovative enough for your group? Are they too cutting-edge to make a good fit?
  • Are you inspired by this person?
  • Do they have any skills or qualities that you want to develop for yourself?
  • Do you like this individual as a person?
  • Would you be friends with them?
  • What are their interests?

There is so much to cover and I will continue it on my next blog.

My next post on mastermind groups will be on recruiting members.

You can read my latest post on Understanding the Principal of Using a Mastermind Strategy here.

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About Maria Barina

Maria Barina is a mother and grandmother who worked for the NYC Board of Education as Laboratory Specialist Bio/GS for 26yrs till the age of 56. Her husband, after 37 of marriage, passed away from Lung Cancer. She came to myEmpirePRO to seek guidance on how to get freedom that an online business can provide. Freedom to her is being able to do what she wants, when she wants to and to show others they can do the same to. Since she done that she is able to do this by working anywhere she goes and became a mobile-prenuer

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